World food prices see biggest decline since 2008 in July, down 9%

Global food prices fell the most since 2008 after concerns over supplies of grains and vegetable oils eased as Ukraine moved toward restarting exports.

A United Nations index of world food costs plunged almost 9 per cent in July. 

The index fell to the lowest since January, before Russia’s blockade of ports in Ukraine.  The index fell for a fourth month, offering some relief to consumers facing a deepening cost-of-living crisis. 

Still, prices remain elevated, putting pressure on low-income households

“Increased seasonal availabilities in Argentina and Brazil, where maize harvests progressed ahead of their pace last year, also helped to ease the pressure on prices,” the FAO said in a statement.